SOC 1 Reports
What are SOC 1 Reports?
A SOC 1 Report is an independent audit of an organization’s internal controls that relate to financial reporting and data so that these organizations’ clients can be assured that their financial data is secure.
Type 1 or Type 2?
The primary difference between Type 1 and Type 2 is that a Type 1 Audit tests the internal financial data controls of the organization or business at a particular point in time, while a Type 2 Audit tests these controls over a period of at least 6 months with an average period of 12 months. A Type 2 report offers a greater level of confidence, however, both reports are very valuable, and most businesses will obtain a Type 1 certification for their first audit and a Type 2 audit for further audits to become more familiar with the process the first time they are audited.
Benefits of Getting SOC Certified
- Proves the security of your services and financial data
- Gives an overview of your organization's internal controls
- Provides current and potential clients with confidence in your services
- Assure customer and client data is protected and handled properly
- Differentiate yourself from non-certified competition
Which Organizations Need a SOC 1 Audit?
This type of SOC Audit is needed for service organizations that impact client financial reporting, Third Party Administrators are the most common type of organization to need one.
Take your organization or business to the next level and get started on your SOC Audit, contact us today!
